Bank of Marin’s two-year, on-again/off-again search for a successor to CEO Russ Colombo is over.
The Novato, California-based bank, which announced in September 2019 that it had hired executive search firm Korn Ferry to help find its next chief executive — then put that search on hold during the COVID-19 pandemic — found its next CEO within.
Tim Myers, the bank’s president and chief operating officer, will ascend to the CEO role Nov. 1 after Colombo retires Oct. 31, the company said Friday in a press release.
"During a time of instability in the country, it's probably a good time to sit tight and not make drastic changes,” Colombo told Banking Dive in August 2020, adding at the time that he would stay at the helm “as long as the bank needs.”
Colombo, 69, joined Bank of Marin in 2004 and became its CEO two years later. In the 15 years since, the bank said it has more than quadrupled its assets — from $877 million in 2006 to $4 billion. It has also expanded its footprint to 31 branches in 10 counties — from nine in two — in that time.
Progress didn’t stop during Colombo’s two bonus years. Bank of Marin last month completed its purchase of $907 million-asset, Sacramento-based American River Bank — Marin’s fourth acquisition in Colombo’s tenure.
Myers, too, has climbed the ranks during the pandemic. He was named the bank’s chief operating officer in June 2020, and its president in May.
“I couldn’t be more delighted that Tim has been named my successor,” Colombo said Friday in a statement. “Consistent leadership is more important than ever, and Tim has been an indispensable member of the management team at Bank of Marin for many years.”
Myers joined Bank of Marin in 2007 and became its head of commercial banking in 2013.
“Tim understands and embodies the mission, culture and values that have helped drive Bank of Marin to more than 30 years of growth and expansion,” Brian Sobel, the chairman of the bank’s board, said in a statement Friday. “The Board would also like to extend our sincere appreciation for [Colombo’s] selflessness in delaying his retirement to ensure management stability during the pandemic.”
Colombo isn’t the only Marin executive picking this moment to retire. Chief Credit Officer Beth Reizman will step down from her role Thursday and retire Jan. 3, 2022, the bank announced last month. Misako Stewart will succeed her as the bank’s leading credit executive, the bank said.